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NexGen Energy's Rook 1 project in Saskatchewan, Canada. Credit: NexGen Energy.[/caption]
(TSX: NXE; NYSE: NXE) has signed a US$30 million financing agreement with Queen’s Road Capital Investment
(TSXV: QRC) and plans to use the funds to advance work at its flagship Arrow deposit, part of the company’s Rook 1 project in Saskatchewan.
“Warren Gilman, chairman and chief executive officer of Queen’s Road Capital, is a long-time shareholder and supporter of NexGen and also joined our board in 2017,” Leigh Curyer, NexGen’s CEO, said in an interview. “Warren came to us and wanted to invest in uranium, but only wanted to invest in world-class projects and world-class management teams. We met both those criteria.”
A leading financier to the global resource sector, Queen’s Road Capital Investment makes investments in privately held and publicly traded resource companies and acquires and holds securities for both long-term capital appreciation and short-term gains, says the company.
The financing consists of a US$15 million private placement (11.6 million common shares at C$1.80 per share) and US$15 million in unsecured convertible debentures. The debentures carry a 7.5% coupon over a five-year term and can be converted into about 8.9 million common shares at C$2.34 per share.
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